Hopes that New York regulators may announce the winners of three downstate on line casino licenses this 12 months would possibly already be dashed, even though 2024 is only a month outdated.
Vacationers in New York’s Occasions Sq., which is a proposed web site for a on line casino. It could possibly be 2025 earlier than New York awards three downstate on line casino licenses. (Picture: Bloomberg)
By some accounts, the extensively anticipated announcement arriving within the first quarter of 2025 quantities to an bold time line. Fueling hypothesis that it could possibly be some time earlier than the victors within the New York on line casino competitors are revealed is the truth that Gov. Kathy Hochul’s (NY-D) finances doesn’t embody income from the licensing charges the successful bidders would pay to the state.
That finances runs via March 31, 2025. The exclusion of that income within the lately proposed finances is unhealthy information for New York, as a result of it was anticipated that the three winners would pay no less than $500 million apiece, if not $1 billion every, for the permits.
The specter of the New York on line casino allow award course of dragging into 2025 jibes with prior commentary from some business observers, a few of whom have dubbed the competitors a “circus.”
Subsequent Step in New York On line casino Course of
As reported by Newsday, “the following huge milestone” within the New York on line casino bidding course of is when the Gaming Facility Location Board, which is managed by the New York State Gaming Fee (NYSGC), reveals a second spherical of questions for bidders.
The solutions to the primary spherical of queries have been launched final August, and the second batch of questions have been submitted final October. But it surely’s not clear when the newest solutions will likely be launched. That’s pivotal, as a result of these updates may maintain essential clues for gaming firms and decide whether or not or not they transfer ahead in New York.
After the Gaming Facility Location Board posts these solutions, a 30-day window would open during which on line casino operators may submit bids to the state. There’s chatter that bidding submissions may begin earlier than the tip of the present quarter. However that seems to be not more than hopeful hypothesis.
Add all of it up, and with every passing day, it turns into much less seemingly New York will award the three downstate on line casino permits earlier than the tip of this 12 months.
Different Controversies Have to Be Resolved
Past New York’s slow-moving regulatory course of, some operator-specific points should be resolved as effectively. For instance, Bally’s (the Bronx) and Mets proprietor Steve Cohen and Exhausting Rock Worldwide (Queens) want policymakers to take away parkland designations from their desired websites.
On Lengthy Island, Las Vegas Sands and Nassau County are tussling with Hofstra College, which alleges the county violated New York open assembly legal guidelines in its switch of the Nassau Coliseum lease to the gaming firm.
Ought to the on line casino allow award course of acquire momentum, and if these operators can not resolve these respective points, it’s doable they could possibly be caught flat footed and miss out on the possibility to vie for a on line casino license within the largest U.S. metropolitan space.
